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HOMESTYLE EXPECTS LOSS FOR 4TH QUARTER AND FULL YEAR

 PALM HARBOR, Fla., Dec. 21 /PRNewswire/ -- Edward P. Grace III, the newly elected chairman of the board of Homestyle Buffet, Inc., (NASDAQ: HBUF) today announced that, based upon a preliminary review, he expects that Homestyle will report a substantial loss, including severance payments and asset writedowns, for the fourth quarter and the full year that end Dec. 30, 1992.
 The resignations of James Crivits, president, and Tom Wiesenhart, chief financial officer, have been accepted.
 In spite of the loss, Grace said that he and Robert Stetson, the new vice chairman of the board, together with Homestyle's management team, are cautiously optimistic about the potential of their strategies to improve operations and the company's financial health.
 Stetson indicated that the immediate priorities are to control expenses without compromising the quality of food and service to Homestyle's guests, and to address the problems presented by those restaurants that are losing money. In view of its need to maintain quality and service and the time required to repair its operations, Homestyle cannot continue to pay full rent on money-losing locations, Stetson said. In the near future, Homestyle will be meeting with the landlords of these locations to negotiate new lease terms, he added.
 While acknowledging the current problems, Grace stated that he is enthusiastic about the potential for developing the Homestyle concept.
 "We look forward to the opportunity to utilize our extensive experience in the restaurant industry to add value to Homestyle for the benefit of its stockholders, guests, employees, suppliers and other stakeholders," Grace said. "To accomplish our objectives, however, will require decisive action and cooperation."
 Homestyle Buffet owns and operates 34 buffet restaurants in Florida, New York, New Jersey, Pennsylvania, Maryland and Virginia. The restaurants offer a wide variety of quality foods comprising complete meals in a self-service, low fixed price buffet format.
 -0- 12/21/92
 /CONTACT: Maureen Jack of Homestyle Buffet, Inc. 813-785-1370/
 (HBUF)


CO: Homestyle Buffet, Inc. ST: Florida IN: LEI SU: ERN

AW -- FL011 -- 0179 12/21/92 16:27 EST
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Publication:PR Newswire
Date:Dec 21, 1992
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